PHOTO: High-profile real estate agent John McGrath is the biggest shareholder in the listed company.

The newly minted board of embattled property agency McGrath Ltd has moved swiftly to slash its expected profit for the listed company.

In a statement to the Australian Securities Exchange on Monday morning, McGrath said it now expected the company to generate underlying profit before tax, depreciation and amortisation (EBITDA) of between $5 million and $5.5 million. This more than halves the figure (between $10.6 million and $11.6 million) it flagged only weeks ago in January when it announced almost the entire board and the company’s chief executive would leave.